The Seven Steps to Establishing Your Business
After researching the world of business ventures and while preparing the Entrepreneur Program, which takes the business owner on a 90-day journey to ultimately achieve the final picture of the successful project they've always dreamed of, I found that there are seven steps that any business needs to go through in order to see the light and gain sufficient immunity to survive and continue in the challenging world of business these days.
These steps are detailed in the Entrepreneur Program, and we will summarize them here as key points:
Step One: The Business Idea
It is not just an idea in your mind, but the idea should align with the personality and capabilities of the business owner from a technical standpoint.
Step Two: Feasibility Study
We recommend starting with a simplified feasibility study (preliminary feasibility study), followed by a detailed one. The feasibility study includes the following:
Strategic Study
Technical Study
Financial Study
Market Study
Step Three: Business Plans
This is one of the most important and complex steps. It sets the course for the business for at least the first three years. It includes:
Strategic Plan
Marketing Plan
Financial Plan
Operations Management Plan
Step Four: Financing
This is the main obstacle for many small business owners. However, through the Entrepreneur Program, the business becomes attractive to investors seeking successful, economically viable projects with convincing financial returns.
Step Five: Legal Registration
Legal registration varies depending on the type of business, its expansion needs, the number of partners, and their financial responsibilities towards the business. The most common types of registration in Saudi Arabia are:
Sole Proprietorship
Partnership Company
Limited Liability Company (LLC)
Step Six: Management Planning and Staffing
This is one of the most important steps that helps ensure the success of the business, especially in the execution of the business plan in the next step.
Step Seven: The Execution Plan
The execution plan consists of implementing the strategies previously outlined in the business plan. It involves executing the financial plan, the marketing plan, and operations management in line with the strategic direction of the project.